Accounts for the Fiscal Year 2014 – 2015

Transcription

AccountsfortheFiscalYear2014–2015
(1stSeptember2014–31stAugust2015)
Summarised,simplifiedandannotated;sourcedfromthepresentationtothe
AnnualGeneralMeetingon19thMarch2016
TableofContents
1. Summaryfortheyear...........................................................................................................2
2. FinancialStatements............................................................................................................3
3. Provisions&Reserves..........................................................................................................7
4. IncomeAllocation..................................................................................................................8
5. Capital........................................................................................................................................8
6. Treasury....................................................................................................................................9
Association loi 1901 Reconnue de Bienfaisance / Lauréate du Prix des Droits de l’Homme
Siège Social : 49 rue Lamartine 78000 Versailles • 33 (0)1 30 24 20 20 • [email protected] • Siret : 394 044 127 000 30 • Code APE 8899B
Cambodge: BP 2107- Phnom Penh 3- CAMBODIA • 00 855 23 995 660 • [email protected]
www.pse.ong
1. Summaryfortheyear
The year was marked by the rapid decline of the euro against the US dollar (down 16% on average) which
weighedheavilyonourcosts.
Most of our income is from the Eurozone while over 90% of our expenditure is in Cambodia in US Dollars.
Therefore,theappreciationofthedollarhasinflatedourcostsineuros.
Theimpactwaspartiallymitigatedthroughcurrencyhedgesputinplaceduringpreviousyears.
Revenue
Theoperatingresources,excludingfinancialandforeignexchangegainsamountedto€6,941Kin2014-2015,an
increaseof4%overthepreviousyear.
Sponsorships–thatassurethelong-termcareofthechildren–decreased2%to€4,112.
The financing of the social programmes in Cambodia, which is sourced from sponsorship and attributed
donations,hadtobesupplementedbynon-attributeddonations.
Investmentsandprojects,predominatelytheconstructionofthenewBusinessSchoolbuilding,totalled€706K.
Expenditure
Thecostofthesocialprogrammes(€5,716K)increasedby9%,whichwasfarlowerthantherisingdollar(+16%).
Aslightdecreaseinthenumberofchildrenlookedafterovertheyear(-271)andefficiencysavingsinPhnom
Penh(-$290K)haveoffsetsomeoftheimpactoftheunfavourableexchangerate.
Careful cost control has ensured overheads (€464K) and fundraising (€95K) are only 7% and 2% of expenses
respectively.
Allinalltherewasasurplusof€500Kforthefiscalyear.
www.pse.ong
2. FinancialStatements
SimplifiedIncomeStatement
(€000)
OPERATINGACCOUNTS
DEBIT
CREDIT
2013-2014
2014-2015
%
SOCIALPROGRAMMES
5,253
5,716
9%
OVERHEADS(incl.
Fundraisingexpenses)
490
559
14%
8.5%
8.9%
5,743
6,274
9%
289
404
2014-2015
%
4,192
4,112
-2%
871
1,404
61%
23
1
5,086
5,517
8%
DONATIONSTOFINANCE
INVESTMENTS
957
706
-26%
OTHERDONATIONS
210
310
48%
INCOMEFROMPSE's
COMMERCIALACTIVITIES
221
279
26%
OTHERREVENUE
209
129
-38%
6,033
6,679
11%
6,683
6,941
4%
651
262
214
588
FINANCIALINCOME
94
71
NETEXCHANGERATEGAINS
755
SURPLUSFORTHEYEAR
531
500
-6%
%ofexpenses
SUB-TOTAL
AMORTISATIONOFFIXED
ASSETS
TOTALEXPENSES
OPERATINGINCOME
NETLOSSONPROVISIONS
/DEDICATEDFUNDS
SPONSORSHIP
2013-2014
DONATIONSTOFINANCETHE
PROGRAMMES
DONATIONSTOTHE
SPONSORSHIPFUND
SUB-TOTAL
TOTALREVENUES
www.pse.ong
BreakdownofRevenuebyType
Total:€6,941K
OTHERDONATIONS;
€310;5%
INCOMEFROMPSE's
COMMERCIAL
OTHERREVENUE;
€129;2%
ACTIVITIES;€279;4%
DONATIONSTO
FINANCEINVESTMENTS;
€706;10%
SPONSORSHIP;
€4,112;59%
DONATIONSTOFINANCE
THEPROGRAMMES;
€1,404;20%
BreakdownofRevenuebySource
Total:€6,941K
INCOMEFROMPSE's
COMMERCIAL
ACTIVITIES;€279;4%
PUBLICSECTOR
SUBSIDIES;€13;0%
OTHERREVENUE;€129;
2%
OTHERDONATIONS;
€736;11%
SPONSORSHIP
(99%from
Individuals);
€4,112;59%
ATTRIBUTEDDONATIONS
(Corporates&
Foundations); €1,672;
24%
www.pse.ong
BreakdownofExpenditurebyFunction
Total:€6,275K
OVERHEADS;
€464;7%
FUNDRAISING
EXPENSES;€95;2%
SOCIAL
PROGRAMMES;
€5,716;91%
BreakdownofOverheads&Fundraising
Total:€559K
FUNDRAISING
EXPENSES;€95;17%
STAFFCOSTS;
€209;37%
OTHEREXPENSES;€72;
13%
POSTAGE&
TELECOMS;€19;3%
TRANSPORT;€52;9%
EXTERNAL
PRESENTATIONS;
€21;4%
BANKCHARGES;
€17;3%
COMMUNICATION
EXPENSES;€75;14%
www.pse.ong
CostoftheProgrammesinCambodia
Total:€5,716K
SPECIALISED
PROGRAMMES;
COMMUNITYCENTRES;
€195;3%
€425;8%
HOUSING;
€423;7%
PSEINSTITUTE
(VOCATIONAL
TRAINING);
€2,098;37%
REMEDIAL
SCHOOLING;
€977;17%
GENERAL
SCHOOLING;
€1,598;28%
www.pse.ong
SummaryBalanceSheet
ASSETS
(€000)
2013-2014
COMPUTERSOFTWARE
2014-2015
59
14
14
10,388
10,629
(ProvisionsforInvestments&
Loansat80%ofgrossamount)
-8,134
-8,519
NETCAPITAL
2,267
2,183 INVESTMENTS&LOANS
OPERATINGREVENUES
ESERVEFORINVESTMENT
RESERVEFOREXCHANGERATE
MOVEMENTS
PROVISIONS
STOCKS&DEBTORS
20
OTHERASSETS
449
0
530
746
746
6,277
6,807
812
813
531
500
SPONSORSHIPFUNDS
2,543
2,544
604
DEDICATEDFUNDSFORINVESTMENT
1,067
1,039
DEDICATEDFUNDSFORPILOT
PROJECTS
91
96
8,722 TOTALDEDICATEDFUNDS
3,701
3,679
11,320
11,798
-2,415
451
11,320
SURPLUSFORYEAR
500
-1,805
TOTALASSETS
500
PROVISIONS
RETAINEDEARNINGS
5,031
3,019
5,031
2,256
8,133
TOTALRESERVES
2014-2015
PSECCURRENTACCOUNTS
TREASURY
RESERVEFORESTABLISHMENT
OFSPONSORSHIPFUND
2013-2014
272 PSECCURRENTACCOUNTS
(NET)
17 (€000)
RESERVEFORDROPIN
BUILDINGSONLEASEHOLD
LAND
LIABILITIES
11,798 TOTALLIABILITIES
3. Provisions&Reserves
Overtheyears,thePSEhasgraduallybuiltupreservestomeetitsfutureneedsandmanagerisksandexpected
developments.Theyamounttoatotalof€6,807K(seebalancesheetabove),inadditionthereareunallocated
retainedearningsof€813K.
-
ReserveforDropinOperatingRevenues
With over 600 employees in Cambodia and 6,700 children in the programmes during fiscal year
2014/2015,theannualoperatingbudgetisnowaround€6million.TheCharitymustensureitcanmeet
itscommitmentsandprotectitselfagainstpossiblecutsand/orchangesinthetimingofrevenueorlower
levelsofsponsorshipthanthoseithasbecomeusedtoinrecentyears.
www.pse.ong
ThereserveforaDropinOperatingRevenuesamountsto€5,031Kattheendofthefiscalyearandcovers
approximately10.5monthsofoperatingcosts.
-
SponsorshipFund
Thesponsorshipfundhasremainedatastablelevelof€2,544K.
-
DedicatedFunds
Thesefundsrepresentthefundingreceivedfromdonorsforinvestmentprojectsorpilotprojectsthat
havebeenapprovedbytheBoardbutnotyetcompleted.
Dedicatedfundsforinvestmentamountedto€1,039Kattheendoftheyear,anddedicatedfundsfor
pilotprojectsamountedto€96K.
4. IncomeAllocation
TheAnnualGeneralMeetingapprovedthefollowingallocationofthesurplusof€499,805asfollows:
Balanceasat
31/08/2015
RESERVEFORINVESTMENT
Allocationof
Surplus
31/08/2015
Balanceafter
Allocation
€500,000
€500,000
€5,030,500
€5,030,500
RESERVEFOREXCHANGERATEMOVEMENTS
€530,000
€495,000
€1,025,000
RESERVEFORESTABLISHMENTOFSPONSORSHIP
FUND
€746,000
€746,000
RETAINEDEARNINGS
€813,056
€4,805
€817,861
€7,619,556
€499,805
€8,119,361
(*)
RESERVEFORDROPINOPERATINGREVENUES In2015PSEdecidedtocreateareservetomitigatetheimpactoftherapidriseinthedollaragainsttheeuro,
whoseeffectisexpectedtobelasting.WemustrememberthatmostofourincomeisfromtheEurozonewhile
over91%ofourexpenditureisinCambodiainUSDollars
5. Capital
In 2008, we created a Cambodian-registered company, PSEC, that now owns the real estate, the land and
buildings,onwhichPSEoperates.PSEhasa49%shareholdinginPSECandhascontroloftheproperty,though
due to restrictions in Cambodian Law it cannot be a majority shareholder. The other shareholders have
Cambodiannationality.Theyareessentiallythefounders,Marie-FranceandChristiandesPallières.
(*)
=10.5monthsOperatingCostsoftheSocialProgrammes2014-2015
www.pse.ong
TransferofownershipofthelandandbuildingstoPSECtookplacein2010.
Property acquired since that date has been bought by PSEC using loans from PSE, during construction it is
accountedforbyPSEwithincurrentassetsandthentransferredtoPSEuponcompletionaccordingtoagreed
accountingandfinancialprocedures.
OnPSE’sbalancesheet,theconcessionsoflandhavebeenreplacedwithequityinPSECandmortgagestothe
founders,recognisingthefactthatthelandwasoriginallyboughtbyPSE.
ThepropertyportfolioisfullysupportedbythenewcompanyPSEC,whichleasesthelandandbuildingstoPSE
underatenancyagreement.
6. Treasury
Treasurymanagementincludes:
-
-
managing current cash flow, sustained by sponsorships and donations, which enables
approximately$500,000tobesenttoPhnomPenhpermonthtocoverspendingonthe
socialprogrammesandotherexpenses.
managingthefundingfromdonorsandsponsorsformajorinvestmentprojects,suchasthe
construction of the Business School that is underway. Any funds that are not used
immediately are ring-fenced within the dedicated funds to ensure they are used in
accordancewithwishesofthedonors.
www.pse.ong

Accounts for the Fiscal Year 2014 – 2015

Transcription

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